Record-breaking E-payment Transactions of N234 trillion in Q1 2024 Revealed by NIBSS

In the first quarter of 2024, Nigeria experienced a significant surge in e-payment transactions, reaching a remarkable total of N234 trillion as disclosed by the Nigeria Inter-Bank Settlement System (NIBSS).

Compared to the N123.8 trillion recorded in the same period the previous year, this marked an impressive 89.3% increase.

This growth illustrates the expanding digital footprint in the country’s financial sector, showcasing a considerable advancement in digital financial services adoption.

However, there was a 7.92% reduction in Point of Sale (PoS) transactions during this period, with the total transaction amount decreasing from N2.84 trillion in Q1 2023 to N2.61 trillion in the first quarter of 2024.

An in-depth analysis of the electronic payment industry indicated that in January, transactions amounting to N72.11 trillion were recorded, signifying a substantial surge in the utilization of digital financial services.

This trend continued throughout February, resulting in a noticeable spike in the overall transaction value to N79.33 trillion, indicating consistent growth and an increasing reliance on digital payment platforms. The electronic transactions further escalated in March, surpassing a significant milestone at N83.05 trillion.